Archant sells Norwich home to local insurance firm but will remain in building

Archant sells Norwich home to local insurance firm but will remain in building

Archant has sold its headquarters in Norwich to a local insurance company,  but will continue to remain in the building, it has confirmed.

The regional publisher will lease a floor at Prospect House from new owners Alan Boswell Insurance, which will take the other two.

News of the sale was first reported by the Eastern Daily Press, Archant’s flagship daily title, which is based in the building on Rouen Road.

Archant’s executive chairman Simon Bax told the paper: “We have always said our intention was to remain in the city centre within the heart of our communities and close to the amenities and transport links many of our staff depend on. This view was overwhelmingly supported by staff.”

It is understood the publisher’s signage will remain on the outside of the building and that no staff have been moved as a result of the sale.

The company has been based at Prospect House for almost 50 years. It first touted a move in 2017, saying the building was “too big” for its needs.

Archant made a pre-tax loss of £7.6m last year, according to filed accounts, with group revenue down 9.6 per cent to £87.3m for 2018.

It shuttered its own printing presses in Thorpe, Norwich, in September, putting 96 jobs at risk of redundancy, as it outsourced the printing of all of its newspaper titles.

The same month Archant chief executive Jeff Henry stepped down after five years at the regional publisher.

Picture: Google Maps

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11 thoughts on “Archant sells Norwich home to local insurance firm but will remain in building”

  1. This deal presumably won’t have brought in as much as could have been raised if Archant had been able to sell the site for redevelopment. But the word on the street was that they were asking too much for it with extensive demolition costs to be factored in. Presumably the new owners don’t have an enormous pension-fund hole or need to sell for the first offer, and will be able to realise the site’s potential in future years.
    But this is the only carrot Archant had to offer any would-be purchasers (and asset-strippers). Would is now going to want to buy a string of failing titles which has sold all of its family silver? A bleak financial future beckons…

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